[Code of Federal Regulations]
[Title 26, Volume 18]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR301.6511(f)-1]

[Page 384-385]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 301_PROCEDURE AND ADMINISTRATION--Table of Contents
 
                               Limitations
 
Sec. 301.6511(f)-1  Special rules for chapter 42 taxes.

    (a) In general. Claims for credit or refund of an overpayment of any 
tax imposed by chapter 42 shall be filed by the taxpayer within 3 years 
from the time a return was filed by the private foundation or trust (as 
the case may be) with respect to such tax, or within 2 years from the 
time the tax was paid, whichever of such periods expire the later.
    (b) Examples. This section may be illustrated by the following 
examples:


[[Page 385]]


    Example 1. In 1972, D, an individual taxpayer who was a disqualified 
person under the provisions of section 4946(a)(1), participated in an 
act of self-dealing with a private foundation and incurred a tax under 
section 4941(a)(1). The private foundation files a Form 990-PF on May 
15, 1973, and discloses thereon that it has engaged in an act of self-
dealing with D. D files a Form 4720 on July 2, 1973, and pays the amount 
of tax imposed by section 4941(a) with respect to such act of self-
dealing. For purposes of this section, the return was filed on May 15, 
1973, and any claim for credit or refund by D must be filed by May 17, 
1976 (May 15, 1976, was a Saturday).
    Example 2. Assume the same facts as in example 1 except that D filed 
a Form 4720 on July 1, 1974, and pays the tax on that date. D must then 
file any claim for credit or refund by July 1, 1976.

[T.D. 7838, 47 FR 44252, Oct. 7, 1982]